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Court Addresses Joint Venture Bonding Bonds-performance; Joint Ventures

Monday, May 03, 2004 01:00 pm

 
Court Addresses Joint Venture Bonding Bonds-performance; Joint Ventures

In a joint venture partner's claim against its coventurer's performance bond, a New York court has allowed recovery of overhead costs incurred in completing the contract, but not lost profit or money owed subcontractors prior to the default.

A joint venture comprised of U. W. Marx, Inc. and Kleen Resources, Inc. was awarded a publicly bid contract by the New York Office of General Services (OGS). Under the terms of the joint venture agreement, Marx obtained the bonding required by OGS for the project.

Kleen Resources agreed to perform all the work under the contract, paying Marx an eight percent fee from [...]

 
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